The most recent state to draft a crypto reserve bill is Michigan.

With Michigan becoming the most recent US state to put out a strategic Bitcoin reserve bill, there are now 20 states pursuing legislation pertaining to crypto reserves.

In order to create a strategic Bitcoin BTCUSD reserve, Representatives Ron Robinson and Bryan Posthumus introduced HB 4087 on February 13 to modify the state's Management and Budget Act.

Michigan is now the 20th state in the US to have legislation pending a vote on state cryptocurrency investments.

"By enacting my bill establishing the Michigan Crypto Strategic Reserve, Michigan can and should join Texas in taking the lead on crypto policy," Posthumus stated on X. On February 12, Texas Senator Charles Schwertner submitted a bill of the same name to the state's Senate.

With a 10% cap, the Michigan law would permit the state treasurer to make cryptocurrency investments from both the general fund and the economic stabilisation fund. There are no restrictions or recommendations in the bill regarding the types of cryptocurrencies that can be purchased for the reserve.

"If cryptocurrency can be loaned without increasing financial risk to this state, the state treasurer is permitted to loan the cryptocurrency to yield further return to this state," the measure further states.

The state must directly hold cryptocurrency through exchange-traded products from registered investment firms or safe custody solutions. Investing

The state pension fund in Michigan is already exposed to exchange-traded funds like Bitcoin and Ether. In a February 13 X post, Posthumus also proposed the concept of "MichCoin," stating that it would "have real value — tied to our gold and silver reserves" and that it was "a stablecoin, which I believe the state of Michigan should create."

As of right now, cryptocurrency reserve measures in 20 US states have progressed past the House committee stage.

Texas filed for legislation this week to permit the state to invest in and trade cryptocurrency assets, making it the most recent state to propose or amend a crypto measure. The only state that has rejected legislation pertaining to cryptocurrency investments is North Dakota.

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